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Introduction to Marketing Management
- 2. 1-2 Learning Objectives 1. Why is marketing important? 2. What is the scope of marketing? 3. What are some core marketing concepts? 4. What forces are defining the new marketing realities? 5. What tasks are necessary for successful marketing management?
- 3. The Value of Marketing • Financial success often depends on marketing ability • Successful marketing builds demand for products and services, which, in turn, creates jobs 1-3
- 4. 1-4 The Scope of Marketing • Marketing is about identifying and meeting human and social needs • AMA’s formal definition: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
- 5. Marketing Management • The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value 1-5
- 6. What is Marketed? • Goods • Services • Events • Experiences • Persons 1-6
- 7. • Places • Properties • Organizations • Information • Ideas What is Marketed? 1-7
- 8. Who Markets? • A marketer is someone who seeks a response—attention, a purchase, a vote, a donation—from another party, called the prospect 1-8
- 9. What is a Market? • Consumer markets • Business markets • Global markets • Nonprofit & governmental markets 1-9
- 10. Fig. 1.1 A Simple Marketing System 1-10
- 11. 1-11 Core Marketing Concepts • Needs: the basic human requirements such as for air, food, water, clothing, and shelter • Wants: specific objects that might satisfy the need • Demands: wants for specific products backed by an ability to pay
- 13. Type of Need Definition Stated What the customer asks for Real What the stated needs actually mean Unstated What the customer also expects but does not ask for Delight Needs that are not essential but would delight if met Secret Needs that the customer does not express, often intangible in nature Classification of Needs
- 14. • Target markets • Positioning • Segmentation Core Marketing Concepts 1-15
- 15. 1-16 • Value proposition: a set of benefits that satisfy those needs • Offerings: a combination of products, services, information, and experiences • Brands: an offering from a known source Core Marketing Concepts
- 16. Marketing channels Communication Distribution service Core marketing concepts 1-17
- 17. • Paid media: TV, magazine and display ads, paid search, and sponsorships • Owned media: a company or brand brochure, web site, blog, facebook page, or twitter account • Earned media: word of mouth, buzz, or viral marketing Copyright © 20U1C6APTeIarson Education, Inc. 1-16 Core Marketing Concepts
- 18. • Impressions: occur when consumers view a communication • Engagement: the extent of a customer’s attention and active involvement with a communication Core Marketing Concepts
- 20. • Value: a combination of quality, service, and price (qsp: the customer value triad) • Satisfaction: a person’s judgment of a product’s perceived performance in relationship to expectations Core Marketing Concepts
- 21. • Supply chain: a channel stretching from raw materials to components to finished products carried to final buyers • Competition: all the actual and potential rival offerings and substitutes a buyer might consider Core Marketing Concepts
- 22. • Marketing environment – Task environment – Broad environment Core Marketing Concepts
- 23. The New Marketing Realities • Technology • Globalization • Social responsibility
- 24. A Dramatically Changed Marketplace • New consumer capabilities – Can use the internet as a powerful information and purchasing aid – Can search, communicate, and purchase on the move – Can tap into social media to share opinions and express loyalty
- 25. • New consumer capabilities – Can actively interact with companies – Can reject marketing they find inappropriate A Dramatically Changed Marketplace
- 26. • New company capabilities – Can use the internet as a powerful information and sales channel, including for individually differentiated goods – Can collect fuller and richer information about markets, customers, prospects, and competitors – Can reach customers quickly and efficiently via social media and mobile marketing, sending targeted ads, coupons, and information A Dramatically Changed Marketplace
- 27. • New company capabilities – Can improve purchasing, recruiting, training, and internal and external communications – Can improve cost efficiency A Dramatically Changed Marketplace
- 28. • Changing channels – Disintermediation – Reintermediation A Dramatically Changed Marketplace
- 29. • Heightened competition – Private brands – Mega-brands – Deregulation – Privatization • Marketing accountability A Dramatically Changed Marketplace
- 33. Integrated Marketing • Devise marketing activities and programs that create, communicate, and deliver value such that “the whole is greater than the sum of its parts.”
- 34. Internal Marketing • The task of hiring, training, and motivating able employees who want to serve customers well
- 36. Fig. 1.3 Marketing Mix Components (4 Ps)
- 38. Levels of Product Core benefit – Cleansing the body Basic Product – Toilet soap Expected product – a set of attributes the buyers normally expect – rich lather, fragrance, life... Augmented product – meeting customers’ desires beyond expectations - lasting fragrance, VFM... Potential product – possible evolution- liquid, drops, sanitizers... Product hierarchy Need family – core need – to look better / transport Product family – all prod classes that can satisfy a core need with reasonable effectiveness – beauty product, surface/air
- 39. Product class – group of product within the product family recognized as having a certain functional coherence – cosmetics, vehicles Product line – products within a prod class that are closely related bec – they perform similar function targeted at the same customer groups and marketed through same marketing channels within the same price range Lipstick, 2 wheelers/4 wheelers Product type – several possible forms of the product lip cream, lip colour,tube lipstick, 150cc bikes Brand – Revlon, Yamaha
- 40. Types of consumerproduct Durability & Tangibility-non durables/durables & services Consumer goods – based on the shopping habits Convenience – frequent, immediate & min efforts staples – purchased on a regular basis(milk, sugar etc) Impulse goods – due to external stimulus Emergency goods – umbrellas, raincoats, vaseline Shopping goods-comparing suitability, price, quality and style – furniture, clothing, home appliances homogeneous goods-similar in quality, diff in price heterogeneous – differ in prodt features & services Specialty goods – unique characteristics or brand identification, no comparison – Benz, CD shirts Unsought goods – unaware/don’t think of buying-life insurance, books & journals...
- 41. Product Mix – set of product lines and items Det Powders Det bar paste brush soap Surf Rin Close-up Pepsodent Lux Rin Wheel Pepsodent Hamam Wheel Sunlight Mentodent G Rexona Sunlight 501 Lifebuoy Width – how many prod lines the Co. carries – 5 lines Length – total no. of items in the mix – 16 Average length – 16/5 = 3 Depth - how many variants are offered – eg., 2 formulations * 3 sizes = 6 (SKU)
- 42. Product Line Length Line stretching Line filling – adding more items with present range JND– just noticeable difference Fill the gaps approach Line modernization – advanced version of the product Line pruning
- 43. Brand decisions Brand can convey – attributes, benefits, values, culture, personality and the kind of user Brand awareness, brand acceptability, brand preference and brand loyalty High brand equity provides competitive advantage - reduced marketing cost bcoz of awareness, loyalty - Trade leverage with dealers and retailers - Premium price because of perceived quality - Brand extensions because of credibility - Defense against fierce price competition “Well managed brands are not subjected to BLC”
- 44. Desirable qualities for a brand name • Suggest something about product benefits • Suggest product qualities • Easy to pronounce/recognize/remember • Should be distinctive • Shouldn't carry poor meanings in other countries and languages
- 45. Branding Decision – to brand or not to brand Sellers advantages Brand sponsor decision Manufacturers’ brands Distributors’ brands – private labeling Licensed brand name
- 46. Brand name decision Individual brand name – Co’s reputation not at stake Blanket family name or company trade name combined with product names – TATA, J&J, Dabur, Godrej, Britannia... Separate family name for all products- Lux, Dove Name of the person/place British Airways, Amex, KFC, McDonalds, Indian Airlines... Quality – Duracell, Aquaguard, Kwality, Compaq, Hommade, Homelite, Pureit, Persona, Nature’s Basket... Lifestyle – Royal Challenge, Aristocrat, Esteem, Safari,
- 47. Top Management MiddleManageme nt Front-line people Customers Modern Marketing Concept Traditional Concept
- 48. Modern Marketing Concept Customer- Oriented Organization Chart Customers Front-line people Middle management Top manage- C u sto m e rs C u sto m e rs
- 49. Glimpse of Marketing Specializations – Consumer Behavior – Marketing Research – Sales and distribution – Integrated Marketing Communications – Services Marketing – International Marketing – Brand Management
- 50. BCG MATRIX
- 51. CORPORATE NEW BUSINESS PLAN Intensive Growth – achieving growth within the Company’s current businesses Ansoff’s product market expansion grid Current market New market Current product New product Market penetration Product development Market development Diversification
- 52. 1. Market penetration Increasing the market share of its current products in their current markets - increasing the frequency of purchase - targeting the competitors’ customers - targeting the non-users 2. Market development Identifying the potential user groups – LPG in rural markets, - mass merchandising / increasing distribution channel 3. Product development New product development with additional features
- 53. Integration strategies that companies use to consolidate their position among competitors. Vertical Integration Horizontal Integration
- 54. Vertical Integration – both forward & backward Backward Integration – moving towards suppliers - LG has set up its compressor facility - Amazon book publishing - E-comm giants having their own warehouses/mfg facilities Forward Integration – moving towards end users - TATA Steel into branded steel furniture business - Godrej into processed chicken – Real Good - Nilkamal - @ Home - HUL’s Tea Parlour - Lipton T Place - Linc Pens’ retail outlets – Just Linc - Amaron Raja Batteries’ Amaron Pit Shops
- 55. Integration
- 56. Horizontal Integration – acquiring competitors HUL-Kwality, Software companies and mobile apps
- 57. Diversification Diversification is a corporate strategy to enter into a new market or industry in which the business doesn't currently operate, while also creating a new product for that new market.
- 58. 4. Diversification growth - Concentric diversification – tech and/or mktg synergy with existing product line - storewel & furniture, detergent powder/cake, Parle- Biscuits,chocolates,Amul-ice cream, GRB Sweets - Conglomerate diversification – no relationship to current tech/product/market ITC, Mahindra, Godrej, Reliance.
- 59. Let us start Marketing…………